4848 NW 24th Ct #205

Lauderdale Lakes, FL 33313

$135,000D

2 bd · 2.0 ba · 1,240 sqft · Built 1974 · Condo · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,851/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$345
• HOA: −$497
• Vac / Maint / Mgmt: −$389
• Net cashflow: $-87/mo
• Annual: $-1,050/yr
• Cap rate: 5.52%
• Cash-on-cash: -2.78%
• DSCR: 0.88
• 1% rule: 1.37%
• Cash to close: $37,800

Investor read

• This is a 2-bed/2.0-bath condo listed at $135k.
• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (11.4% below list).
• Meets the 1% rule at list price ($2k rent vs $135k).
• It's been on market 37 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (11.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#100 in FL, #1,527 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, amenities F, employment F.
• Broward (suburban): math 42% / reading 53% proficiency, ranked #46 of 73 in FL (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Castle Hill Elementary School (math 22% / reading 22%, grade F, #2,080 of 2,144 statewide, top 97%, 562 students, 86% FRL); Boyd H. Anderson High School (math 10% / reading 14%, grade F, #622 of 667 statewide, top 93%, 2,038 students, 72% FRL) — zoned schools average 79% FRL vs 51% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 17% at this address vs 48% district-wide (-30 pts) — the specific schools serving this property underperform the Broward average; the district grade overstates school quality for this exact location.
• Watch-outs: property tax is 2.6% of price; HOA is 27% of rent.
• Market conditions: Rents flat; 664 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 2,111 units permitted in Broward County in 2024 (1,265 in 5+ unit buildings).
• Broward County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $40k; list at $135k implies a 238% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $1,851/mo this rent would consume 48% of the median local household income ($46k/yr) (locally 5692% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?